Tata Steel posted a sharp decline in first-quarter profit, hit by weak demand and prices in its main European market.
Steelmakers have been suffering from a slowdown in demand as industrial growth loses pace in emerging economies such as India and China and expansion remains sluggish in advanced western economies.
“Market challenges have made us focus on tightening of costs, improving product-mix and ensuring that the ramp up of our brownfield expansion takes place by the year-end,†said Tata Steel Managing Director HM Nerurkar in a statement.
Though market sources report that next quarter should be better as raw material cost have declined sharply, which will help company to improve improve its profitability.
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